Bitcoin price loses $20K, ETH price drops 8% after ‘monumental’ Ethereum Merge

Bitcoin (BTC) spent a second day threatening $20,000 support on Sept. 15 as markets processed the Ethereum (ET Merge.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC stuck between price magnets’

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking below $20,000 again overnight to recover marginally above the boundary for a brief period.

The largest cryptocurrency broadly failed to regain lost ground after surprise United States inflation data on Sep. 13 sent risk assets into a tailspin.

Down 13.5% versus the week’s top at the time of writing, Bitcoin offered little inspiration to traders who were still eyeing further losses.

“Bullish above or after a reclaim of $20,800 or something like this and maybe up,” popular trader Crypto Ed summarized in his latest YouTube update.

“Until then, I do expect a bit more downside.”

Fellow trader Il Capo of Crypto again flagged $23,000 and $16,000 as important levels on either side of the spot price, calling them “like a magnet” in a tweet on the day.

“Probably markets will remain calm until FED next week,” Michaël van de Poppe, founder and CEO of trading firm Eight, continued on the immediate macro outlook.

“Maybe jobless claims of today have an impact, but that should be it.”

The S&P 500 and Nasdaq Composite Index were modestly up at the start of trading, like crypto still to recover from losses earlier in the week.

ETH price plummets to three-week lows

Altcoin markets meanwhile were led by the story-that-wasn’t on Ethereum, which failed to react positively to the Merge.

Related: Analyst on $17.6K BTC price bottom: Bitcoin ‘not there yet’

Despite the headlines, ETH/USD was down 8% on the day, circling $1,470 amid significant volatility.

Reacting, trading firm Cumberland nonetheless argued that the Merge’s smooth transition to proof-of-stake (PoS) was a “momemental” achievement in itself.

“The fact that it was successful yet uneventful is an incredible testament to the people involved, what they’ve done for the world of crypto, digital assets, and decentralized computing,” part of a Twitter thread read.

“Every Bitcoin Halving, people said the event was priced in. But every Halving was a buy-the-news event,” Charles Edwards, creator of analytics resource LookIntoBitcoin, added.

“It seems everyone is calling the Merge a sell-the-news event. So I suspect it wont be. The Merge is Ethereum’s Halving.”

ETH/USD 1-hour candle chart (Binance). Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

All Dutch and English crypto news!

Bitcoin still has $14K target, warns trader as DXY due ‘parabola’ break

Bitcoin (BTC) held $20,000 into Oct. 5 with trader targets still including a fresh high before rejection. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $21,000 upside target...

NFT verkoop neemt flink af

Non-Fungible Tokens, ook bekend onder de afkorting NFT's, zijn de afgelopen maanden steeds minder populair aan het worden. Dit blijkt na recente cijfers van OpenSea,...

Swiss data and analytics service Nuant prepares for the Q4 launch of the first unified platform for digital asset data, analytics & portfolio intelligence

Zug, Switzerland, 5th October, 2022, Chainwire Swiss-based digital asset data and analytics Fintech, Nuant, is launching a platform that solves a critical industry-wide portfolio management problem...

Middle East and North Africa are fastest-growing crypto markets: Data

Emerging markets continue to forge their way into the crypto scene finding a plethora of use cases, especially in the combined Middle East and North...

Beste exchanges

Koop je crypto bij Bitvavo